Polygon Introduces ZK-STARK Measure Solution for DApp Verification
Polygon (MATIC), has launched a new technology in line with its mission to scale the Ethereum blockchain. The Miden virtual machine, powered by zk-STARK, will improve the validation process for decentralized applications (dApps) on the Polygon network.
As announced by Polygon on its official Twitter account,
We are proud to reveal the newest member of the Polygon family: Polygon Miden, an EVM-compatible STARK-based Rollup.
Specifically, zk-STARK is short for zero-knowledge Scalable Transparent Argument of Knowledge. Simply put, zero-knowledge technologies allow one party to prove to another that the former possesses certain private information, such as a password, without actually revealing the information. STARK is one of these methods that algorithmically obfuscates and allows you to test or verify such information.
Polygon Introduces zk-Rollup Privacy Solution
To support the development of zero-knowledge technology, Polygon has committed funds worth more than $ 1 billion. The Polygon Miden project will be led by Ethereum engineer Bobbin Threadbare, a former Facebook ZK researcher who led the development of the general-purpose STARK prover Winterfell.
In terms of utility, the zk-STARK cryptographic proof technology is most useful in situations that require identity verification. These include sophisticated decentralized finance (DeFi), such as decentralized car insurance or healthcare products. The technology writes the sensitive information of digitized assets, such as driver’s licenses or copies of passports. It also compresses that data so that blockchain participants can verify it more quickly.
In this way, zk-STARK allows nodes to verify the authenticity of these sensitive documents without “seeing” them or revealing them to third parties. This eliminates privacy concerns and increases the reliability of a DeFi product.
Another application of this scaling infrastructure is the simplification of cryptographic testing in consensus mechanisms along with the improvement of computational performance.
Notably, Polygon, the largest sidechain on the Ethereum network, has stood out for developing various layer two scaling solutions. Among them are Optimistic Rollups and zk-Rollups. In August, the team acquired the zk-Rollups Hermez Network solution for $ 250 million. A month later, he launched Nightfall, an independent rollup focused on privacy and developed in collaboration with EY Global Limited. In the future, Polygon plans to add all the scaling solutions mentioned.
Sandeep Nailwal, Co-Founder of Polygon, comments on the development:
ZK is the way to go for Ethereum and Miden VM is one of the most important elements in Polygon’s roadmap for Ethereum scalability. It will simplify and accelerate the validation of DeFi applications and cryptocurrencies, improving the speed and scale of the Polygon ecosystem.
Meanwhile, based on our data , MATIC was trading at $ 1.58 at the time of this writing, having lost 5.0 percent on the day. However, the token has registered a gain of 9,087.6% from one year to the next.
The Polygon ecosystem has seen massive growth this year. However, it has yet to raise its bar as competition from Matter Labs’ zkSync and StarkWare’s Cairo is growing.